Union Commerce and Industry Minister Piyush Goyal on 19 May 2026 announced that India will target USD 1 trillion in total exports during the current financial year 2026-27 and aim to double the figure to USD 2 trillion within the next five years. The declaration came at the launch of the Bharatiya Vyapar Mahotsav website in New Delhi, an initiative being framed as a Swadeshi push to promote indigenous goods and services. The Minister reported that India combined merchandise and services exports rose by roughly 5 per cent in FY 2025-26 to an all-time high of USD 863 billion, despite global trade headwinds, the West Asia disruption to Red Sea shipping, and slower demand from key Western markets. Services exports continued to outperform on the back of information technology, global capability centres and professional services. Goyal urged Indian industry to identify products with high import dependence and scale up domestic manufacturing, citing the recent India-EFTA Trade and Economic Partnership Agreement, the conclusion of the India-EU Free Trade Agreement and ongoing FTA talks with Oman and Peru as critical levers. Independent analysts including the Global Trade Research Initiative cautioned that meeting the USD 1 trillion target this year will require sustained double-digit export growth, particularly in electronics, pharmaceuticals and engineering goods, in an environment of weak global demand and tariff volatility.